Jakarta Composite Index Extends Gain

Jakarta, July 25 (Antara) - The Jakarta composite index (JCI) extended gains opening slightly higher on Friday on positive financial reports by major listed companies. The index of the Indonesian Stock Exchange rose 0.12 percent to 5,104.55 points with index of 45 most liquid stocks up 0.18 percent to 874.24 percent. "The JCI is still in the process of consolidation with the market players watching the performance of listed companies in the fiorst half of the year and the country`s economic data in June, 2014," Asjaya Indosurya Securities analyst William Surya Wijaya said. He said most listed companies have good financial performance in the first half of the year helping counterbalance the effect of external negative sentiment caused bu the Ukraine crisis. Head of Research of Valbury Asia Securities Alfiansyah said escalation of conflict in Ukraine could drive the oil and gas prices in the world market. "Increase in the prices of oil and gas would continue to cause concerns in Indonesia," Alifiansyah said. Growing oil imports has widened the country`s trade and current account deficits. Regional markets such as Hang Seng and Nikkei recorded an increase in index but Straits Times reported a decline. Meanwhile, the Indonesian currency rupiah lost more value against the US dollar in interbank transaction on Friday morning . The currency traded at the level of 11,603 per US dollar weakening from earlier level of Rp11,568 per dollar.